Monopolies and Restrictive Trade Practices Act, 1969
(1) Every member shall hold office for such period, not exceeding five years, as may be specified by the Central Government in the notification made under sub-section (1) of section 5, but shall be eligible for re-appointment:
(2) Notwithstanding anything contained in sub-section (1), a member may-
(a) by writing under his hand and addressed to the Central Government resign his office at any time;
(b) be removed from his office in accordance with the provisions of section 7.
(3) A casual vacancy caused by the resignation or removal of the Chairman or any other member of the Commission under sub-section (2) or otherwise shall be filled by fresh appointment.
10[(3A) Where any such casual vacancy occurs in the office of the Chairman of the Commission, the senior-most member of the Commission, holding office for the time being, shall discharge the functions of the Chairman until a person appointed to fill such vacancy assumes the office of the Chairman of the Commission.
(3B) When the Chairman of the Commission is unable to discharge the functions owing to absence, illness or any other cause, the senior-most member of the Commission, if authorized so to do by the Chairman in writing, shall discharge the functions of the Chairman until the day on which the Chairman resumes the charge of his functions.]
(4) No act or proceeding of the Commission shall be valid by reason only of the existence of any vacancy among its members or any defect in the constitution thereof.
(5) The Chairman of the Commission and other members shall receive such remuneration and other allowances and shall be governed by such conditions of service as may be prescribed:
PROVIDED that the remuneration of the Chairman or any other member shall not be varied to his disadvantage after his appointment.
(6) In the case of a difference of opinion among the members of the Commission, the opinion of the majority shall prevail and the opinion or orders of the Commission shall be expressed in terms of the views of the majority.
(7) The Chairman of the Commission and 29[every other member] shall, before entering upon his office, make and subscribe to an oath of office and of secrecy in such form, in such manner and before such authority as may be prescribed.
(8) 30[The Chairman or any member] ceasing to hold office as such shall not hold any appointment in, or be connected with the management or administration of, any industry or undertaking to which this Act applies for a period of five years from the date on which he ceases to hold such office.